A sample survey, conducted by the labour ministry, has found that about five lakh workers lost their jobs in the period from October to December 2008 under the impact of global slowdown. However, the figures by the Federation of Indian Export Organizations (FIEO) present even gloomier picture of slowdown hit export sector due to slump in demand and tight financial conditions. The worst hit sectors include textiles, metals, gems and jewellery, automobile, transport and IT/BPO which contributes more than 65% of the country's GDP.
 
The survey done on a sample of 2,581 units in 20 centers across 11 states maintains that employment in eight important industries has declined from 15.2 million in September to 16 million in December.
 
Meanwhile, government has asked states to take steps in order to provide social security to workers who lost their jobs under the impact of global slowdown. Labour secretary, Sudha Pillai said that department is planning to amend the Factories Act in order to extended work time for workers in the garment industry, keeping in mind safety and health related parameters.

Center is unlikely to reduce interest rate on the Employees Provident Fund (EPF), sensing grim situation of employment sector. The Union Labour and Employment Minister, Mr Oscar Fernandes said that government would do its best to provide social security to workers, facing salary cuts and threats of job loss due to slump in demand.